Seth Stoothoff recently published a detailed tutorial on Instructables, for a chipKIT Parking Obstacle Sensor. The project uses a chipKIT Pro MX4 dev board from Digilent, and a Maxbotix Ultrasonic Range Finder.
The obstacle sensor uses an LCD to display the distance in inches, cm, or mm depending on the "units" variable selected in the code. It also displays a bargraph along the bottom of the LCD, indicating the effective range of about 6 to 255 inches.
Seth modified a cat5e Ethernet cable to run from the dash-mounted pcb and display to the rear bumper where the range sensor was attached. This project is an effective demonstration of range sensor technology and a great way to hack your favorite ride!